Italian fashion house Valentino sold for €600 million
Valentino has reportedly been sold for €600 million euro.
The Italian fashion house was bought by private equity firm Permira five years ago. The company worked hard to improve Valentino’s finances and is now selling it to an investor.
According to British newspaper The Telegraph, the sale will be worth €600 million.
The buyer has not been identified yet, with the publication only saying it is a “sovereign wealth fund”.
Last year, Valentino’s sales had soared by 20 per cent when compare to 2010 and totalled €322.4 million. The before tax earnings had gone up 300 per cent to €22.2 million. At the time Permira bought the fashion house, things weren’t so good. The label’s namesake designer Valentino Garavani left which plunged the company into problems.
Designers Maria Grazia Chiuri and Pier Paolo Piccioli were brought in to try and open up the brand to a wider audience. The move worked well, with the pair’s forward-looking designs praised when they were presented at Paris Haute Couture Week this month.